Newspaper and magazine publisher Washington Post Co. said Tuesday it will record charges of about $80 million, most of which will be realized in the second quarter, related to severance costs.
According to a filing with the Securities and Exchange Commission, the charges will be funded primarily from the assets of the company’s pension plans.
The severance costs stem from an early retirement program offered to some Washington Post newspaper employees.
Like newspapers across the country, the Post has been hit by an economic slowdown and a shift of advertising dollars to the Internet. In February, the paper announced the buyout, its third since 2003, and said it plans to close one of its two printing plants by 2010.
Washington Post shares fell $6 to close at $600, after bottoming out at $595.60 earlier in the session, their lowest point in nearly six years.